PM Modi Launchs 4 New Gold Schemes as 'Diwali Gifts'

Nov 06, 2015

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Ahead of Diwali, Prime Minister Narendra Modi launched three new schemes in a attempt to bring around 20,000 tonnes of gold (USD 800 billion) lying idle with households to productive use. He claimed India has beaten China which is World's largest gold consumer by buying 562 tonnes against China's 548 tonnes.Gold Monetisation Scheme (GMS): Resident Indians could deposit gold and earn an interest of upto 2.5 percent.Sovereign Gold Bonds Scheme: Investors could earn an interest rate of upto 2.75 percent per annum by buying paper bonds.Indian Gold & Bullion which consists of National emblem Ashoka Chakra on one side and Mahatma Gandhi on the other side were unveiled Today. The coins will be in denominations of 5 grams and 10 grams. For 20 gram bullion, People need to approach 125 MMTC outlets.